China’s Finance Ministry Issues 30-Year Bonds at 2.1078%, Raising 73 Billion Yuan

The strong bid-to-cover alongside a marginal ratio above one signals that dealers, not end-investors, absorbed the tail — a sign of lukewarm outright demand at this tenor even as the cover ratio flatters the auction. That matters for duration-sensitive portfolios across rates and credit, and for the broader read on whether long-end government supply is meeting genuine demand or relying on the dealer community. Whether the marginal ratio continues at this level in future long-bond auctions is the open question.